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Japan offers huge loan for Indian industrial corridor, agrees to resume nuclear talks with India

(Xinhua)

09:44, December 29, 2011

NEW DELHI, Dec. 28 (Xinhua) -- Japan Wednesday announced 4.5 billion U.S. dollars of loan for the Delhi-Mumbai Industrial Corridor project and agreed to resume talks for a civil nuclear deal during the visit by Japanese Prime Minister Yoshihiko Noda, reported local media.

India and Japan also decided to enhance the quantum of currency swap arrangement to 15 billion U.S. dollars, launch a ministerial business-government policy dialogue and step up collaboration in developing high-speed rail networks in India, said the reports.

The two sides decided to pursue talks on a new industrial corridor between Chennai and Bangalore, and seek collaboration in infrastructure development.

Japan also pledged to finance the Delhi Mass Rapid Transport System Project Phase III and the West Bengal Forest and Biodiversity Conservation Project.

Indian Prime Minister Manmohan Singh and his Japanese counterpart Yoshihiko Noda also held talks on a wide spectrum of regional and global issues, including UN reforms, anti-piracy cooperation, climate change, non-proliferation and the situation in Afghanistan and Korea peninsula.

"The cooperation with India regarding peaceful use of nuclear energy is conducive to our efforts to address climate change and to strengthen the global partnership with India," Noda told a joint press conference with Manmohan Singh after the talks.

Noda, however, did not spell out when the negotiations on nuclear cooperation, suspended since the tsunami in Japan on March 11 crippled the Fukushima nuclear plant, will be resumed and reminded India about its voluntary commitment to a moratorium on nuclear testing.

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